ICICI Direct's research report on ITC
ITC is biggest cigarettes & second largest FMCG company in India with ~78% of market share in cigarettes & presence in staples, biscuits, noodles, snacks, chocolate, dairy products & personal care products. The company is also present in paperboard, printing & packaging business & agri exports businesses. The company has more than 200 manufacturing facilities in India. It has a distribution reach of over 6 million retail outlets across various trade channels & strong 25 brands across various categories.
Outlook
We upgrade our rating from HOLD to BUY. We value the stock at Rs 310 on SOTP basis valuing cigarettes business 15x FY24 earnings & FMCG business 6x FY24 sales.
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